SAINT-GEORGES, QC, March 19, 2015 /CNW Telbec/ - Manac Inc. (TSX: MA) ("Manac"), a North American leader in the design and the manufacture of specialty trailers, reports a net income of $3.5 million, or $0.21 per share for the fourth quarter of 2014, compared with a net income of $2.7 million, or $0.16 per share for the third quarter of 2014, and of $4.8 million or $0.28 per share for the fourth quarter of 2013.
Revenues for the fourth quarter totaled $99.3 million, compared with $69.9 million for the corresponding period in 2013, an increase of 42%. Adjusted EBITDA (please refer to note 1 below) was $6.9 million, compared to $5.8 million in the third quarter of 2014, and to $7.4 million in the fourth quarter of 2013. The increase in revenues is attributable to the addition of Peerless Limited ("Peerless"), and by an increased level of activity, mainly in the van segment.
For the year 2014, net income was $9.7 million, or $0.58 per share (based on a weighted average number of outstanding common shares of 16,868,485) compared with a net income of $13.1 million, or $0.98 per share (based on a weighted average number of outstanding common shares of 13,359,026) for 2013. Adjusted EBITDA (please refer to note 1 below) was $20.7 million, compared to $24.3 million in 2013. The Adjusted Net Income (please refer to note 1 below) for 2014 was $10.4 million, compared to $12.8 million for 2013.
"2014 has been a solid year for both Manac and the industry. Growth through our traditional product lines, supported by the mid-year acquisition of Peerless, generated record revenues for Manac. Our efforts in the LEAN transformation of our operations continued during the year and remain a key priority for the near future. Our 2014 results do not fully reflect these efforts as the increase in production volume necessitated the hiring and training of over 500 employees during the year and the continued decrease of the value of the Canadian dollar versus the US dollar had a short-term negative impact on our margins, notwithstanding it is very positive for future margins. Given the level of our year-end backlog, the decreased value of the Canadian dollar versus the US dollar and the very solid industry conditions, we enter 2015 with a high level of optimism." mentioned Charles Dutil, President and Chief Executive Officer.
The Company's backlog reached a record level in the fourth quarter and totaled $173.5 million on December 31, 2014. This compares to $121.4 million on September 27, 2014 and $78.4 million on December 31, 2013.
About Manac Inc.
Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. Manac offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chassis, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac®, CPS®, Peerless, Darkwing®, UltraPlate®, UltravanTM and Liddell Canada®. Manac services the heavy-duty trailer industry for the highway transportation, construction, energy, mining, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, QC, Penticton, BC as well as Oran and Kennett, MO.
Manac will hold a conference call with financial analysts, investors and media representatives on Thursday, March 19, 2015 at 13:30 (ET). A webcast will be available at www.manac-ir.com and www.newswire.ca.
To join the conference toll free, please dial 1-866-865-3087. The conference access code is 66799627.
A replay of the conference call will be available until April 3, 2015 by dialing 1-855-859-2056 and entering conference ID 66799627, followed by the pound key (#).
Forward looking statements
The statements set forth in this press release, which describes Manac's objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe", "could", "should", "intend", "expect", "estimate", "assume" and other related expressions are used to identify such statements. Manac would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Manac's actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, fluctuations in commodity prices, exchange rate variations, cost of material, competition in the transportation, trucking and trailer industries, and such other risks as described in detail from time to time in the reports filed by Manac with securities authorities in Canada. Unless otherwise required by applicable securities laws, Manac disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of the release.
Adjusted EBITDA and Adjusted net income are non-IFRS measures that Manac uses to assess its operating performance. Adjusted EBITDA is defined as net income before net finance costs, income tax, depreciation and amortization expense, then excluding items that are not in Manac's normal business. Adjusted net income is defined as net income before items that are not in Manac's normal business, adjusted to reflect the tax effect on these items.
For a reconciliation of these "non-IFRS" measures, please refer to Manac's "Management Discussion and Analysis for the fiscal year ended December 31, 2014" which has been filed via SEDAR (www.sedar.com).
SOURCE Manac IR
Image with caption: "Manac Inc. (CNW Group/Manac Inc.)". Image available at: http://photos.newswire.ca/images/download/20150319_C1311_PHOTO_EN_13380.jpg
For further information: Charles Dutil, President & Chief Executive Officer, Manac Inc., Email: email@example.com, Telephone: 418-228-2018